File 930/1912 'Mohammerah - Khoremabad Railway' [‎70r] (146/396)

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so payable to the Syndicate shall not in any year be less than the sum of 15,000Z. The
expression “net receipts” in this article shall mean the amount remaining after
deducting from the gross receipts as defined in article 28 hereof the items (a) to (e)
inclusive mentioned in article 29 hereof.
Article 28.
For the purposes of this contract the gross receipts of the said railways shall
be the aggregate amounts whether ordinary or extraordinary which shall be received by
the Syndicate on such part of the said railway as shall be for the time being open
for public traffic.
Article 29.
From the gross receipts from the working of the said railways there shall be
deducted the following expenses :—
(a.) Working expenses :
(b.) Costs of maintenance both ordinary and extraordinary of the lines buildings
materials telegraph telephones &c. :
(c.) Costs of the renewal of the fixed material and rolling-stock :
(d.) Expenses arising by reason of accidents or thefts fires or force majeure :
(e.) Costs of insurance of the buildings and merchandise in connection with
the said railways:
(/.) Subject to the liability of the Syndicate to pay and to provide the interest
during construction and for a period of two years thereafter in manner mentioned
in article 19 hereof the amounts required for the payment of the interest upon and the
provision of the amortisation fund for any railway bonds issued in accordance with the
terms hereof for the provision of funds for the construction and equipment of the said
railways or for the purposes of this contract.
If the gross receipts do not suffice to meet the above expenses the Government will
when and so soon as the accounts of the said railways for any year shall have been
completed and within one month after payment thereof shall have been demanded
by the Syndicate make up whatever deficit there may be.
In the event of the gross receipts showing a surplus over the above expenses then
subject to the payment of any previous existing deficit one-half of such surplus shall be
carried to the credit of a separate account to be applied from time to time as the
circumstances of the said railways may require in the maintenance thereof or in the
replacement of any part of the equipment thereof or in the construction and equipment
of any extension of the said railways and until so applied the moneys standing to
the credit of such account shall be invested in the name of or under the control of
the Syndicate and the remaining one-half thereof shall be handed over to the
Government; or
In the event of the gross receipts showing a surplus over the above expenses then
subject to the payment of any previous existing deficit such surplus shall be carried to
the credit of a separate account to be applied from time to time as the circumstances of
the said railways may require in the maintenance thereof or in the replacement of any
part of the equipment thereof or in the construction and equipment of any extension of
the said railways and until so applied the moneys standing to the credit of such
account shall be invested in the name of or under the control of the Syndicate.
Article 30.
The Syndicate shall during the administration of the said railways keep proper
accounts in a form usually adopted by railways and the Government shall be entitled at
all times to inspect and audit such accounts. The Syndicate shall in each year during
the period aforesaid present to the Government a full statement of the receipts and
expenditures connected with the said railways properly classified under the respective
divisions of receipts and expenditure usually adopted by railways and including
all expenditure mentioned in article 29 hereof. Except in so far as any objection
in writing shall be raised by the accountant or accountants of the Government to
the said accounts and such objections shall remain outstanding the said accounts shall
be deemed to be binding on the Government and the Syndicate at the expiration
of three months after the same shall have been delivered to the Government.
[250b p—l] D